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蔚来李斌亮“财务底牌”回应亏损:600亿研发投入全额费用化
Bei Ke Cai Jing· 2025-07-07 12:04
Core Viewpoint - NIO's founder Li Bin revealed that the company has fully expensed its cumulative R&D investment of 60 billion yuan, leading to a total loss of 92.592 billion yuan from 2019 to Q1 2025, raising questions about its financial strategy and the feasibility of achieving profitability by Q4 2025 [1][2][3] Financial Strategy and R&D Expenses - NIO's choice to fully expense R&D costs has resulted in a more pronounced loss on its profit and loss statement compared to competitors who capitalize R&D expenditures [1][2] - The R&D expenses as a percentage of revenue have remained between 15%-20% over the past three years, which is higher than that of industry peers, reflecting NIO's high investment in technology and relatively smaller sales volume [1][2] Technological Innovations and Capacity Expansion - NIO plans to open its self-developed 5nm smart driving chip "Shenji NX9031" to the entire industry, which is expected to support smart driving algorithms for the next decade [2] - The company has established 800 battery swap stations integrated into the grid for peak shaving, providing 2 GW of flexible power reserve, which could generate additional revenue through peak price arbitrage and participation in grid auxiliary services [2] - NIO's third factory (F3) is set to begin production in September, increasing annual capacity to 600,000 vehicles, with projected deliveries rising from 92,900 units in 2021 to 222,000 units in 2024 [2] Profitability Goals and Challenges - NIO aims to achieve quarterly profitability by Q4 2025, supported by cost reductions from scale effects, market expansion through its sub-brand, and monetization of its battery swap business [3] - The company anticipates a 13.5% increase in deliveries to 250,000 units in 2025, which could reduce per-vehicle R&D costs by 15%-20% [3] - To reach profitability, NIO needs to improve its gross margin to over 20%, facing challenges from ongoing market price wars and the need for continued investment in technology and product development [3]